The National Association of Commercial Finance Brokers (NACFB) is the national trade body for brokers who arrange finance for businesses. NACFB members work across the whole commercial finance sector and operate in areas such as commercial mortgages, leasing and asset finance and vehicle finance. The NACFB works to encourage best practice in a largely unregulated sector of the market.
The NACFB was founded in 1992 to raise standards of proper professional practice in the commercial broker industry. The aim was to secure the integrity and future wellbeing of the broker market for the benefit of both brokers and their customers.
The Association publishes these standards in its own industry recognised Code of Practice, which has been adopted by an increasing number of commercial finance, lease and asset finance and vehicle finance brokers.
How choosing an NACFB broker protects YOU
All NACFB members are thoroughly vetted before they are allowed to join the Association, and must comply with a Code of Practice once they have become members. To become a full member, the Association requires:
- Satisfactory credit reference checks
- Companies’ House check – to ensure no-one has been struck off as a company director
- FSA search – to make sure no one has been struck off by the Financial Services Authority
- Identification and verification checks – to ensure applicants are who they say they are!
- Evidence of broking experience
- The NACFB also asks for bank references and lender references.
If a broker passes all these checks, then they are allowed to become a member of the Association and can use the NACFB logo. Once a member, they are expected to comply with the Code of Practice and any breaches are treated very seriously indeed. They are also expected to hold professional indemnity insurance.
In the interests of members and their clients, the NACFB monitors legislation and makes representations to the Government and Regulators. It furthers the principles of good practice by seeking to work with kindred associations and interest groups, and by providing education and training for its members and their employees.
The NACFB has established complaints and disciplinary procedures designed to eliminate unacceptable working practices amongst its members. The Association also aims to protect its members and their clients against restrictive practices within the industry.
The Aftersales Network is proud to be a full member and supporter of The National Association of Commercial Finance Brokers (NACFB)
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